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DEEPENS INNOVATION INVESTMENT WITH ACQUISITION OF 25 PERCENT OF CURTIS FITCH
The De Beers Group of Companies has today announced an investment in its rough diamond online auction sales platform with the acquisition of a 25 percent equity stake in its online auction service provider, Curtis Fitch. De Beers, which sells approximately 10 percent of its global rough diamond supply through auctions, anticipates that the investment will deepen the highly successful partnership between the two companies, strengthen the conditions for further innovation, and position De Beers to meet the evolving needs of a growing auctions customer base.
Building more flexibility for rough diamond purchasers strengthens the value of De Beers’ offering. De Beers is the rough diamond online auction leader, having launched the first online auction with Curtis Fitch in 2008, and having worked with the company over the past five years to introduce innovations that add value to customers’ businesses. De Beers has introduced rank auction events, multiple unit auctions and is on schedule to launch Forward Contract Sales, innovations which enhance customers’ ability to tailor their supply needs.
Neil Ventura, De Beers’ Senior Vice President, Auction Sales commented, “De Beers’ leadership in the rough diamond online auction space is grounded in our ability to understand the needs of our global customer base and provide them with opportunities to secure supply that matches their unique and evolving requirements. De Beers’ investment in Curtis Fitch underpins our long-term commitment to rough diamond auctions. It enhances our ability to drive the innovation necessary to maintain a responsive and relevant source of supply for our customers, create value for their businesses and keep our auction platform at the forefront of the industry.”
Curtis Fitch will remain an independently managed business. As a 25 percent shareholder, De Beers will occupy two seats on the Curtis Fitch board. De Beers values the deep relationships Curtis Fitch has built with its customers, and looks forward to supporting management as they continue to build their business in the years ahead.
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Contacts
Lynette Gould
O: +44 20 7 430 3509
M: +44 (0) 7740 393260
Lucy Thomas
O: +44124 2530900
About De Beers Group of Companies
De Beers is a member of the Anglo American plc group. Established in 1888, De Beers is the world’s leading diamond company with unrivalled expertise in the exploration, mining and marketing of diamonds. Together with its joint venture partners, De Beers employs more than 23,000 people (directly and as contractors) across the diamond pipeline, and is the world’s largest diamond producer by value, with mining operations in Botswana, Canada, Namibia and South Africa. As part of the company’s operating philosophy, the people of De Beers are committed to Living up to Diamonds by making a lasting contribution to the communities in which they live and work, and transforming natural resources into shared national wealth. For further information about De Beers visit www.debeersgroup.com.
About Curtis Fitch
Curtis Fitch, founded in 2004 and based in Cheltenham, is now one of the largest eSourcing software development companies in Europe. Our products, Curtis Fitch iSource™ and iContracts™, represent a powerful suite of eSourcing solutions. These use web-based applications and decision-support components to deliver the most user friendly and innovative solution available. Curtis Fitch delivers a unique blend of technical strength and dedicated consultancy ensuring rapid deployment across our Clients’ organisation.
The Curtis Fitch iSource™ portal demonstrates the impressive results attainable from this dynamic combination of technical and operational skills - delivering first class service and saving you time and money. It is used by market leaders across the private and public sector including Capita, GKN, DeBeers, Harrods, Next, The Co-operative and The FA. Our continuing development reflects the fundamental importance of evolving intuitive software to meet the changing needs of our customers.